The Swiss Stock Market Was Unable To Hold Onto Gains

(RTTNews) - The Swiss stock market got off to a weak start Friday, but quickly recovered and remained in positive territory for much of the trading session. However, the market slipped back into the red in late trade and closed with a small loss.

A weak performance from index heavyweights Novartis and Roche weighed on the overall market. Bank stocks were also under pressure at the end of the week. Positive U.S. economic data and early gains on Wall Street were unable to inspire further gains in the afternoon.

The Swiss Market Index decreased by 0.42 percent Friday and finished at 8,906.89. The Swiss Leader Index dropped 0.22 percent and the Swiss Performance Index lost 0.22 percent.

Lonza increased by 1.3 percent. Clariant and Kuehne + Nagel advanced by 1.1 percent each and Sika added 0.2 percent. Richemont climbed 0.5 percent and Swatch rose 0.2 percent.

The index heavyweights all finished in negative territory Friday. Novartis fell 0.8 percent and Roche dropped 1.1 percent. Shares if Nestlé also finished lower by 0.2 percent.

The bank stocks were under pressure, following the gains of the previous day. Credit Suisse weakened by 1.7 percent and UBS fell 0.7 percent. Private bank Julius Baer also closed lower by 1.7 percent.